Economic cooperation between PRC and Latin America during the 1990s – XXI century

  • Oleg Kravets
Keywords: China, Latin America, economic relations, investment policy

Abstract

One of the priorities of the foreign policy of the People's Republic of China is the Latin American vector, which has expanded exponentially over the past 20 years. A new stage in relations between the countries began in the 1990s. It was at this time that a number of neoliberal economic reforms were adopted in Latin America, which later contributed to the openness of national economies and the growth of trade relations with China, which became a «world factory» and needed new markets. As a result of the negotiations, China and the LA signed agreements to protect and encourage investment, as well as the abolition of double taxation. However, a real breakthrough in the intensification of China-Latin America relations took place in the XXI century. China is a major importer of agricultural products and minerals from the region. In turn, Latin American countries import Chinese finished products. China is one of the main investors in LA, investing not only in important components, but in the development of countries in the Latin American region in order to overcome significant differences between them. In addition to bilateral dialogue, the countries cooperate within the framework of regional organizations: SELAC, OAS, BRICS, the Chinese initiative «One Belt - One Road», etc. However, despite the positive dynamics of relations in the economic sphere, scientists point to certain negatives in these relations, which may threaten their further development.

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Published
2022-05-28
How to Cite
Kravets, O. (2022). Economic cooperation between PRC and Latin America during the 1990s – XXI century. Acta De Historia & Politica: Saeculum XXI, (03), 13-21. Retrieved from https://ahpsxxi.org/index.php/journal/article/view/42
Section
Articles